Tuesday, September 16, 2008

Ounce Labs lands $7.5M in new funding

By Mass High Tech Staff

Ounce Labs Inc. reports that it has closed a $7.5 million Series E round of funding led by local venture capital firms Greylock Partners and Commonweath Capital Ventures. Waltham-based Ounce Labs develops enterprise security source code analysis and will use the funds to improve operations for marketing, company officials said.

Established in 2002, the company’s founders funded Ounce Labs out of their own pockets for the first 18 months. In 2004, Ounce Labs closed a $6 million Series A round of funding from Greylock and Commonwealth Capital.

Ounce Labs’ security source code analysis solutions are designed to analyze a wide portfolio of applications, identifying and prioritizing business-critical vulnerabilities. Customers include IBM Corp. (NYSE: IBM), Intel Corp. (Nasdaq: INTC) and Lockheed Martin Corp. (NYSE: LMT).

Greylock Partners, which operates an office in Waltham, was founded in 1965 and invests from a $500 million fund it closed in 2005. It also operates a $150 million fund that closed in 2006 for Israel-based technology companies.

Waltham-based Commonwealth Capital, founded in 1995, is focused on software and software-based services, Internet and digital media, communications technology, and instruments and systems investments.

Last year, the firm closed its fourth and largest-ever fund, at $250 million. Commonwealth currently manages more than $580 million of committed capital.